MAGA Host Finally SNAPS As Kevin Hassett FACEPLANTS

Added: 2026-05-12

[00:00:00]And so the consumer is really, really firing on all cylinders just like the corporate sector you're seeing in the earnings reports. And they're doing that because they have so much more money in their pockets. In fact, I had the head of one of the big five banks in my office yesterday going through the credit card data. And just as Secretary Mnuchin said, uh credit card spending is through the roof. They're spending more on gasoline, but they're spending more on everything else, too. All right, guys. So, I know there's a lot not to like about pretty much everyone inside this administration, but if there is one person that you can count on to lie straight to your face with a smile on his, well, that person is obviously, without a doubt, Mr. Kevin Hassett. As seen on your screen here, promising you that if you squint at the economic indicators just right, well, then you too can believe that our economy is on fire and that our consumers, well, they're doing pretty damn good, too.

[00:00:51]>> [laughter] >> That is pretty much Kevin Hassett in a nutshell, right, guys? And you know, I just It just never made sense to me because if there is one person that I am least likely to believe, it is the guy that looks like Roz FROM MONSTERS INC.

[00:01:07]>> [laughter] >> DOES ANYBODY else see the resemblance like I do?

[00:01:15]>> [laughter] >> Oh, man. It's uncanny, guys. It is uncanny. Now, the reason that I bring this up is because you know things are getting bad out there because even the MAGA host over at CNBC, well, even they're not buying his [ __ ] anymore because he was recently asked about why consumer sentiment is at an all-time low, and this is the rant that he decided to go on. If you guys do appreciate my work and want to support the show, please do remember to subscribe. I think that one of the things that's happening is that that the world is changing so fast right now.

[00:01:50]That President Trump has sort of taken every problem on Earth and got 100% at fixing it. And I think that that's can be stressful for people to see so much change going on. But the bottom line is that in the end, when we look at what happens for elections, that people look at their wallets, they see how they're doing. You know, the economy is growing very strong. Uh incomes are growing. Uh and you know, Ray Fair you're you and I have talked about Ray Fair for 20 years.

[00:02:14]Ray Fair of Yale says that GDP of the second quarter is the thing that tells you what's going to happen in the election. And so I think that that right now Republicans should should feel very, very good about the trajectory of the economy.

[00:02:25]What the [ __ ] is he talking about, guys?

[00:02:28]He's asked about why consumer sentiment just hit another all-time low, and he's going on about Donald Trump fixing all of the things all at once. And because of that, the consumers, well, they're just a little stressed out right now.

[00:02:44]Are you kidding me, bro?

[00:02:46]Are you kidding me? This is the same guy, by the way, who just last week tried to say it was a good thing that consumers were going further into credit card debt just to get by. He said that because people were spending more on gas prices, and because they were spending more money on everything else, too, well, then that was sure that was a sure sign that the economy is on fire.

[00:03:10]I mean, it's like they're not even trying anymore, guys. Consumer sentiment is at an all-time low because you have an administration that came into office and basically [ __ ] down everybody's throats.

[00:03:22]He did the across-the-board tariffs.

[00:03:24]He's going into this these senseless and illegal wars. You've got gas prices spiking. You've got inflation rising.

[00:03:32]You've got a job market softening. I mean, everywhere we look right now, there is nothing for the consumer to be that excited about. And then when he is asked about inflation, he goes on this stupid rant about how inflation is actually coming down at the microeconomic level.

[00:03:50]>> [laughter] >> Look, you do 23% price increases over over 4 years.

[00:03:56]Um This isn't why we have an affordability problem cuz of where inflation is right now, but it is up from where it was when Biden left office. And and it it you know, maybe it's up I don't I don't know what figure you want to use whether you use core or headline or whatever. It was lower when he left. It's it's higher right now and the president promised to tackle affordability. Now, we do have a war and we've got $4.50 gasoline prices and and that's weighing on people who may have voted for the president cuz he thought it was going to get easier to make their paycheck, you know, last till the next paycheck.

[00:04:34]So, I just want everybody to notice the framing here. Oh, well, we know that inflation was really really bad under Biden. There was like 23% price increases under Biden. I know everything was really bad under Biden, but hey, inflation is going back up. We are in a war over in the Middle East. So, what can you tell me about the current state of play? So, you've got you've got a a mega-friendly host trying to serve him up the softball the best he can provided all this bad data. It is what it is, but let's see how he responds.

[00:05:10]Right. Well, first of all, you're right about the top line, but on the core it's more of a mixed bag if you look over 6 months then it's averaging 2.6 which is better than than what we inherited from Biden. The bottom line is inflation is going down at the microeconomic level by a million things that we've done like, you know, fix the avian flu so egg prices are down, you know, change beef imports so that beef prices go down, make drug prices more affordable with Trump bar acts and and so on. And and and so if you look at the individual items of the CPI that at the micro level lots of things are going down because of specific Trump policies, but at the macroeconomic level the driving force right now is the temporary increase in the price of gas.

[00:05:52]>> [laughter] >> So I want you to understand what he just said, guys. He said because you've got some prices coming down in in different parts of the economy because Donald Trump got the avian flu under control, BECAUSE EGG PRICES came back down, because a few other things came back down, well, that means that everything's A-okay.

[00:06:14]I mean, does he really believe us to buy this [ __ ] Does he really not understand what inflation actually is? A basket of goods that we measure to see whether price prices are fluctuating up or they're fluctuating down? And now that we are in an illegal war over in the Middle East and at the Strait of Hormuz is shut down, we have seen 50 to 60% increases in prices in our gas and that is making inflation as a whole tick back up. We now have 3.5% inflation, guys. And when Biden handed them the economy, it was sitting at 2.9% but Kevin Hassett wants you to believe that everything is A-okay because he's got a few different items that he can point to where prices actually went down.

[00:07:00]>> [laughter] >> I I I I honestly cannot believe these people. I just cannot believe these people. I Who who who's buying this [ __ ] guys?

[00:07:10]Who is buying this [ __ ] Everybody right now can see with their own two eyes every time they go to the gas pump, every time they go to the grocery store, that things are getting just that much harder. And we haven't even experienced the brunt of it. We are heading into the summer season, which is the travel season, which means there's going to be a higher demand for gas prices, which means gas prices are likely to go even higher and we haven't even got the trickle-down effects of those high gas prices in other parts of the economy, which are also going to raise prices.

[00:07:41]And yet you've got Kevin Hassett going out there on national television saying that the economy is actually ripping and roaring right along. And then he goes on to downplay the impacts of the skyrocketing gas prices. And at 6 weeks is about it. So, Iran might be in a difficult position.

[00:08:01]How do you see the rest of the globe's position? Well, for the for the short run, there for example, Asian economies that are harmed severely by the high prices. And one of the things that you're seeing is the price of jet fuel, for example, is really really high and there's a whole bunch of commerce in Asia that depends on flying around. And as the refineries turn the knobs up so that they have more jet fuel in response to the high prices and more diesel in response to the high prices, then that reduces the supply of gasoline. It could make those prices go higher. That's a very disruptive thing in Asia, but in the US, it is very unlikely to to cause a recession cuz we're such a strong energy producer.

[00:08:41]Is anybody else getting sick of this [ __ ] Because this is what they turn to all of the time. Oh, well, we're we're a net energy exporter. We produce more oil than we consume. So, that means we're not even going to be impacted by what's going on over in the Middle East. That's literally what he's trying to sell you.

[00:08:59]Oh, well, well, Asia's got to worry about it. Asia has to worry about the the high gas prices, the high jet fuel prices, but but we don't have to worry about that. Not realizing that we operate in global markets. So, of course, we are going to have see the impacts of these rising gas prices. And he doesn't even mention that the Strait of Hormuz is shut down and Donald Trump has no plan to get it back open. But we're over here in America. We've got it a little bit better. We're not we're not impacted as much as those other countries. So, we we don't have anything to worry about.

[00:09:36]I am so of this entitled attitude. Yes, we are a bit more insulated than other countries.

[00:09:42]We are less impacted than other countries are going to be, but that doesn't mean that we are not impacted at all. But that is the story that Kevin Hassett is trying to sell you here. It is just a load of [ __ ] He looks straight into your eyes and lies straight to your face with a smile on his every damn time, guys. He goes on to try to say that actually, guys, the job numbers, well, they too are looking pretty damn good. But the jobs numbers right now have been blockbuster, you know, more than double expectation. And the break even job number is a lot lower than it used to be because we've tightened the border. And so, 120, 130 this year is sort of like 2 or 3 years ago 200 number because of the we don't have this massive inflow of immigrants that are working. And so, these are really great job numbers. There's no sign in the data that AI is costing anybody a job right now.

[00:10:45]Those are not a good thing, bro. Those are not a good thing. And again, he's trying to get you to believe this idea that because Donald Trump shut down a whole bunch of immigration, well, that means 130,000 jobs actually means more like 200,000 jobs just a few years ago.

[00:11:04]You guys, on its face, that makes no sense at all. Right now, Donald Trump is averaging, I believe it's less than 20,000 jobs per month added to the economy. Under the Biden administration, the average was nearly 185,000 if I'm getting my numbers correctly in in 2024. Biden added I I believe it's four to five times more jobs on average per month than Donald Trump is right now. And you've got Kevin Hassett literally coming out to try to tell you that WE'VE GOT BLOCKBUSTER JOB GROWTH RIGHT NOW.

[00:11:41]Trying to TRYING TO BRAG ABOUT this idea that because we have less immigrants working in the economy, then we're doing we're doing pretty damn good.

[00:11:50]Without those immigrants, with a shortage of labor, that means that our economy is not going to be able to grow at the rate that they want it to grow.

[00:12:01]Guys, we already saw it last year. For 2025, I believe the average GDP growth was 2.1% well below what Biden was doing. Everywhere we look, they are running the economy straight into the ground. They have revoked commercial driver's licenses from immigrants who are here legally. They have ripped I believe it's the count is near 200,000 truckers from the industry. What do you think that is going to do to the prices if you've got less drivers to get the goods to where they need to go?

[00:12:34]Everywhere we look, they are shooting us in the foot over and over and over and over again. And then Kevin Hassett goes out there and tries to tell you that the economy is humming right along.

[00:12:51]>> [laughter] >> Jesus Christ, guys.

[00:12:54]We are so [ __ ] cooked right now. We are so [ __ ] cooked. All of these things that we are currently registering, all of the high gas prices, all of the high jet fuel prices, all of the high grocery prices, all of things were brought on single-handedly by what this administration is doing. If Donald Trump had taken over the economy that was the economy was the envy of the world when he took it over and he just let things be. If he just let things continue to play out how they were going to play out, they would not be in the mess that we are currently in today.

[00:13:31]There's just There's just no other way around it, guys.

[00:13:35]Everything that they seem to do is running the economy into the ground.

[00:13:39]They're making life harder for everyday Americans while they and their buddies, they get to enrich themselves off this insider trading and this market manipulation. That is the economy that they have built with Donald Trump back in office. So, we're definitely going to keep an eye on it, guys. Like I said, I don't know if anybody else can see the resemblance, but >> [laughter] >> that's kind of been eating at me for a little bit. Kevin Hassett and Roz, I don't know, maybe brothers and sisters from a different mother. I don't know what's going >> [laughter] >> I got an absolute kick out of that, but um all right, guys. The economy, not doing too great right now. We're going to keep an eye on it.

[00:14:24]This is going to hurt them in the midterms. We've got to make sure that we get out and vote so we can hold these [ __ ] accountable and we need to see a blue tsunami like we've never seen before. It's going to be important, guys. It's probably going to be the most important midterms of our lifetimes, and so I implore you, even if you don't love the candidates that we vote blue up and down the ticket to at least be able to have some oversight on these malicious [ __ ] So, I will leave it there for now, guys.

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[00:15:21]Everybody keep your chin up. Everybody stay safe out there, and I'll see you on the next one.